Casper Daily Tribune Newspaper, October 29, 1924, Page 7

WEDNESDAY, OCTOBER 29, 1924. STOCKS RALLY AFTER DECLINE Professional _ Selling ay Trading Offset By Recoveries NEW YORE, Oct. 29.—Backing and filling movements characterized today’s quiet stock market. Heavi- ness of the steels, foods and public utilities was offset ‘by the strength of dividend paying rails and mer- chandising. issues. Sales approxi- matad 586.000 shares. NEW YORK, Oct. 29. —Disappoint- ment over the quarterly earnings of the United States Steel corporation nd announcement that negotiations for the lease of the ‘Norfolk and re by the Pennsylvania rail. “had been abandoned invited , Professional selling which unsettled * the stock market at today’s opening. ‘United. States Steel, American Can and Western receded two points. After the initial flurry of selling had subsided, prices developed a firmer tone nuder the leadership of Maxwell “A” mai! order and chemi { Gal issues, American Can and United States Cast Iron Pipe retrieved their bens losses. and Norfolk and Wes. tern recovered a point as good buy- {ng support appeared. Maxwell “A” reached a new 1924 top price at 70% ‘las did United Drug at 96. Other shares which moved substantially higher included Commercial Solvents A... Roebuck, Montgomery ‘Ward and Pullman. American Ice, however,-was-sold-in large blocks, eclining two points. Foreign exchanges opened steady. The morning market was char- ‘acterized by alternate periods of | Remviness and strength. The re- which followed the initial etaking spell, was followed by an- in @ rally on tho declaration of an in dividend on. the common the American Tobacco each of which jumped iti points. of stocks fell away in a ma- ‘of instances during the dull session, with food and gtoups exhibiting the most Mallinson, St. Joseph Postum Cereal were popular specialties that chigher With Omaha pre ferred and Chicago and Eastern Il. ‘mols preferred also showing strength. ‘The closing was irregular. Mixed Price movements continued through (tho late trading, which was featured by a jump of four points in Omaha to a new 1924 high at 86% on abe of 8 points in South Didi ‘to a new tow at TT ~FOR ELECTION Layiccers from Page One.) @. penator from each of the malts) pac dage ot That argu: stresser steadily. Evi! te made some ages If ; there was any sound basis to the fect how much stronger should it ‘De now than it was at that time. *Curlously enough, those who insistent that democrats came into power, are now you to turn out a tried, ex- and faithful republican ‘the republicans are bound to control for the next four years. ““T Go not present these thoughts (en the theory that there is any @oubt of Warren's election. I have ®@ regard for the judgment people of Wyoniing for that. ‘refer to them merely for the con- @ideration of people who are looking ; at the matter for their own interests and the interests of the state. “Wyoming needs Warren in the @pnate more than Warren needs the senatorship. «In discussing the nomination of Bugene Sullivan by the Republicans their candidate for governor, Mr. “I was delighted when I heard that Bugené Sullivan had been nom? inated by the Republican party as thelr candidate for governor. None better nomination could have been made. He has the character, the ability; he is congenial, diplomatic and possessed of an abundance of sound sense. I met many friends of Mr. and Mrs. Sullivan last week when I was passing through their home in’ Nebraska, who spoke of them in the highest terms. Twas struck with the interest shown by these former neighbors of Mr. Sullivan and thelr high opinion of him.” Mr. Mondell also took occasion to discuss the national campaign and the campaign of Representative Charles E. Winter briefly. “I am glad to be back home and spend the last week of the campaign here,” he said, “after campaigning from Vermont to Nebraska. I have Spoken in twelve states and traveled through and studied conditions In as many more. “Ths only uncertainty is in the matter of majorities. That Mr. and Mr. Dawes will have an entirely safe majority in the elec- toral college is evident. There are signs indicating that the majority Will be a large one and I am person- ally of the opinion that it will. “Mr. is has been executing a continuoug fadeout for some time past. If ever had any hope of élection that hope has been dissi- pated. “As the LaFollette movement from the beginning was a movement of dtusatisfaction and protest, without hope of success in the election, the more thoughtful and conservative of Finance :: GRAIN PRICES SCORE UPTURN) = Early Fluctuation Develops Into Strong Demand at Chicago CHICAGO, Oct. 29.— Influenced by ‘numerous reports that husking was showing 60 pér cent reduction from the yield expected, the corn market today suddenly developed pronounced strength, and let to an advance in price for all grain, Wheat closed firm, 1%c to 24c net higher, December $1.44% to $1.44%, and May $1.49% to $1.49%. CHICAGO, Oct. 29.— Moderate commission house selling, together with lack. of sustained demand, turned the wheat market downward in price today during the early transactions, Lower quotations at Liverpool tended also to weaken val- ues here, On the declines, however, standing orders to buy were uncov- ered and rallies ensued. The open- ‘ng, which varied from unchanged figures to je lower, with December $1.41% to $142 and May $1.47 to $1.47%, was followed by numerous hanges between yesterday's finish and 1%e below. Subsequently, declines went about 1 half cent further but then wheat advanced on account of bulges in the corn market. Corn and oats were easy owing to sympathy with wheat. After open- ng unchanged to %o down Decem- ber $1.03% to $1.04, the corn market scored fractional gains but then un- derwent losses all around. Later, the corn market climbed rapidly owing to bullish reports \bout husking., Besides, the Pacifis Northwest was said to be buying corn frecly at Omaha for November ind December shipment. Corn rlosed buoyant, 2%c to 3%c net higher, December $1.07% to $1.07% Oats started at a shade to % off, December 49% to 49%c, hardened ¢ tittle and then sagged lower than be fore. Provisions were irregular, lard de veloping strength, whereas ribs act ad weak. Wheat Open Dec. _ 1.41% May 1.47 July 1.31% Corn— Dec. 1.30% May = 1.07% Tuly 1.07% Oats— Dec. /May Julys Ry High 1.44% 1.49% 1.33% 1.07% 111 LU% 50% Bit 53% 1.24% 1.27% 15.20 14.10 1.44% 1.49% 1.33% 1.07% 110% 1.11% 50% 158 52% 1.24% 1.26% 15.20, , "14.10"! 13.40 11.80 yo Dec. May 1.25% 14,85, 13.80 Wov. 14,85 | Jan. e 13.80 © 11.80 11.75 13.65 12.32 12.22 12,82 It is obviously the duty of every oll man, and of everyone in any way interested In the ofl industry, to vote “No” on the proposed Severance tax and royalty distribution amend- ments to the state constitution. Re- .be done by Casper people, cally all of whom are dependent up- on the industry for their living, in telling the story of facts that will kill both pernicious measures. Club rooms which may be con- stantly used and enjoyed by oil men here, are needed by the Wyoming Petroleum Club. Tho Tribune would like to have expressions from Wyoming of] men on the opinion of Walter C. Teagle of the Standard of New Jersey, that fuel of] will fix the price structure for crude ofl. What do you think about it? CHICAGO, Oct. 29.—Butter—- Higher; creamery extras, 38c; stand- ards, S6c; extra firsts, 35144@36%e; firsts, 81@33c; seconds, 28% @29%c. Eggs—Unchanged; receipts, 5,618 cases. those who were inclined to favor it in the early stages of the campaign are gradually but unquestionably de- serting the third party standard and the Republican party has been in a large measure the beneficiary of this shift. “Now that the election of Coolidge is indicated in every poll and admit. ted by all except those who for po- litical purposes pretend to think otherwise, the importance of the election of a Republican Congress is being more fully realized. The prés- ident must have in Congress har- mony with his views that will help him to work out the Legislative pro- gram of the party. | “Here in Wyoming we are particu- larly fortunate in the character of our candidates. No new man in Con- gress| has made a better record than Charles E. Winter. This was to be. expected, because he was thoroughly equipped for the work. He has proved an effective legisiator and he has the disposition and capacity for co-operation with his colleagues which renders a man's work in Con. gress helpful and effective to the highest degree. “There ought to be no question about Mr. Winter's return to Wash- ington by a large majority.” Bonds :: New York Stocks Ye | -.--163B International ...—. aR Locomotivg -—-.-= Sméiting & Refg. .. 79% Sugar .-...-.-2.-.. 87% Tel, & Tel. .....-.-127% American Tobacco <.-..-..<1 American Wodlen ~......-..-. Amer. Zine, Lead & Smelt. ... 8B Anaconda Copper ~-..--:+---. 36% Atchison fal aPevosmienet | Atlantic Coast Line . American American American Cuba Cane Sugar, pid. Davison (Shemical ... - 44% Du Pont de Nemours ....-....1278 Brie -.iciecsec secs. 27% Famous-Players Tasky 2: General Asphalt .....-..sscs0. 41% General Blectric 4.-2-.45.0.5-.240% General Motors .-.---.-....... 56% Great Northérn, pfd. .-...... 61% Gulf States Steel -.....-..... 68% Houston International Harvester ...__. int. Mer. Marine, pfd. -..... Prva Int. Tel Kenneoott Copper .. Loulsville. & Nashville _ Mack Truck ~..------....... 98% Marland Oi] ~.---...-...-2.. 84% Maxwell Motors “A” ..... Close |’ wow 24% Norfolk & Western ........172% Northern Pan American Petroleum Pennsylvania ........ Producers & Pure Off Reading ~--._.-.-...-....... we 45% 26% 61% 4 ‘Willys-Overland Woolworth ig | Chesebrough Pfd@. -..--..112 Continental ewnn 44 Crescent ~-.------------ 13 Cumberland ---......--134 Eureka - 81 Gal. Big. Com, ~..-.---~ 5315 Gal. Sig. Old Prd. -.-.-112 ‘al. Sig. New Ptd, --~---103 Inois Pipe -.,--..-----125 Indiana Pipe ~.--.0-r---- 73% it 116 60 14 137 eeeee 87 Bo. Penn. Oll --.-~---+--183 ©. Ind. 0. Kan. 6 Oo. Ken, ~s116% 118 oO. N. ¥. = 41% 42 ©. Ohio ~. 2311-815 O, Ohio Pid: .-.-----.116 119 42 Vacuum ----.... 70% 11 ‘Washington wn 39 a1 8. O. Neb, ~------------340 244 Big Muddy ..- Mule Creek ~-.-—---—-----— Sunburst -----—-------—7--—— Hamilton Dome ------~~.-.-- Ferris ----.---~-. were enrenn neers. Pilot Butte ~-~-~--.~----------.5014¢ Lander 70 wee oreweresenwen ence Stocks Grain AND QUOTATIONS BY¥ LEASED ¥ securimies |iMeeting Place Discussed By the Petroleum Club eget Bessemer. ---------. yang Wyoming --- luck «Creek -~-.--... ke --.----52-.-—— Blackstone Salt Creek Consolidated Royalty — Cow Gulch OL 1.40 12.00 04 01% 35.00 04% 06% 03 3.30 4 06 New York Of! --... Picardy Preston --..---.. Red Bank Royalty & Producer Sunset Tom Bell Royatty -.. Western Exploration- Western States Y On .... 03% 05% NEW YORK CURB CLOSING Bid Asked 20.25 15 26.00 Mountain Producers Slenrock Ol -.. Salt Creek Prds, 3alt Creek Cons. New York Oh -..--.. Pratrie Oil -...------ Mutual. -... 3. O Indiana 57.00 oo LIVESTOCK Omaha Quotations. OMAHA, Ni Oct. 29.—Hogs.— Receipts,..6,500; slow, generally steady; buck good and choice but- shers, 250 pounds and up, $8.75@ 1.10; top, $9.35; desirable 200 to 250- pound weigh' $8.60@8.75; 150 to 400-pound averages, mostly $7.25@ 3.25; packing sows, mortly $8.00@ $40; bulk of gales, $8.25@9,00; av- srage cost yesterday, $8.63; weight, 255. Cattle—Receipts, 7,500; good and shoice yearlings steers mo#arately active, ; thort feds and warmed up kinds, draggy, weak to 25c lower; bulk sarly sales, $9.00@11.60; long year- Angs and 1,100 pound steers, $12.10: rare cows and heifers, slow, steady © 15¢ lower; canners and cutters, top, ; stockers’ and feedera, $5.25@ Sheep—Rece! 9,600 wool ‘ambs, steady; fed westerns and cange lambs, mostly, $13.25@13.35; oice natives included; fed clipped ibs, dull, 25¢ lower, $11.25@11.40; iteady; feeders, 15@25e lower; early top, $12.75; feeding ewes up- ward to : | Grain and Stock | Opinions From Brokerage Wire Stocks Opinions. Prince and Whitely—Coppers in genera] are well bought on minor Tecessions and a renewal of strength tm stocks like Kennecott, C. D. P. Chile, Inspiration and Anacondm is Possible. * Block Maloney—Stocks are sti a purchase on dips but on strong spots we would take profits. Hornblower and Weeks—The na- ture of the market and the charact- er of fluctuations do not warrant buying stocks in a last minute en- deavor to accumulate profits. Pynchon and Co.—We see no rea- Son to change our stand that the Dest policy is one of conservatism and we advise taking small profits on both sides of the market. Livingston and Co.—The coming election is not causing people to sell stocks in volume but to some extent it is keeping buying orders out of market, Coming Evente—Viewing the mar- ket from the long range angle, we ‘believe the trend of prices will grad- ually continue toward lower levels. Occasional rallies are likely. Grain Opinion. Bartlett Frazier—We expect ex. Port busines to develop and brin; about reaction from presont decline. Stein’ Alstein—It is a trading mar- ket and will prevail. Harris Winthrop—Until there is ® market improvement in the de- mand or sharp falling off in receipts ‘We advice conservatism and caution. Hurlburd Varney—We recommend buying wheat on weak spots. Corn is tho highes priced cereal. Bacht—We look for wheat to work irregularly. lower. Thomsen McKinnon—Depressions offer opportunities for buyers. —-——_____ Refined Sugar today was unchanged at $7.15 @7.50 for fine granulated, with only @ moderate inquiry reported. Refined futures were nominal. eee d anaitt Flour MINNEAPOLIS, Minn., Oct. 29.— Flour, unchanged to 10c lower; fam- ily patents, $7.75@8.00; bran, $25@ 25.50. ts ‘Whether pr not the Wyoming Petroleum club is to have a perma- nent meeting place, was last night discussed by members of the organ- ization? who were present for the first meeting of the winter. The entire basement of the Pro- ducers and Refiners building was of- fered to the club for a monthly ren- tal of $150. To give the matter thorough consideration, a - commit- tee of five was appointed by B. L. Estabrook, president. Headed by Jack Steelo the five off men will canvass the aituation during the n€xt “two weeks, reporting to the Livestock club at the coming meeting which is to be held at the court house, as was the custom last year, Amendment was made to the constitution providing that meetings shall be held in the future every other week on Tuesday evenings, instead of the first and third Tues- days of the month, It is expected that the club's mem: bership will be very materially in- creased before the next meeting. Should there be a decision to have @ permanent club room, it {s prob- able the dues of the organization will be increased: LARGE NUDIENCE ENJOYS “SALLY LUN’ GIVEN BY CHURCH PLAYERS HERE Presentation of the play “Sally Lunn” at the First Methodist church last night by members of the East Side Methodist Community church met with an attendance of some 200 people and the request that it be given again in the near future for the benefit of those who failed to see it. Character parts were well taken and comedy features were given admirable presentation. <A crowded house probably will greet the next appearance here of the players, | Market Gossip General Summary. U. 8. Steel corporation showed a deficit of $122,000 after all dividend Jeductions Im third quarter. Net ver share was $1.72, Net per share or nine months was $10.19 against $11.30 for same period 1923. Com- mon dividend payable December 40 to stock of record November 28: oreferred dividend payable Novem, yer 29 to stock of record Novem- oer 3. Pennsylvania railroad reports for September net operating income of 58,176,830, an increase of $995,000. Norfolk and Western negotiations concerning leases of road to Penn- sylyania railroad have been unsuc- cessful and discusion terminated, + Deegates to Amoskeag Textile workers convention yoted to stand by thelr original acceptance of 10 vor cent wage reduction and refus- ed to consider a 15 or 20 Per cent wage cut. « Third “Avenue for September a charges of against a net in- come of $20,824 in 1923. Warnings of keener competition in foreign trade of the United States Were sounded yosterday by Secre tary Mellon and Hoover. Bookings of United States Steel up to October 24th were larger per day than they were for the same time last month, Jefe Gary ‘an nounced, Canadian Pacific’ September net after expenses was $4,547,645 against $4,497,972 in September, 1923. New York Dock surplus after taxes and charges was $34,613 against $40,669 in September, 1923. rauway repy.. net loss after Oil Summary. Wall Street Journal in leading article, points out improved position of pipe lines companies because of inability of tern refiners to buy crude in California in large quanti: tles and their necessity to purchase ‘Continent grades which dre shipped through big pipe systems, ‘Wall Street News says while the street is generally bullish on the oils no immediate news is expected. Crude oll production in the United States last week averaged 1,949,365 barrels daily, a rease of 11,042 from previous week, according to Ol) City Derrick; for the first time in year and a half California produc- tion was below 600,000 barrels. Houston Oil reports for Septem- ber quarter a net of $377,287 before Gepreciation and depletion against 3840,251 in September, 1923, quar- ter. Standard Of! of California declared regular quarterly fifty cent divi- dend payable December 15 to stock of record November 17. Some grades of New Jersey (Navy) gaso'ine aro'selling as high at 7c at Tulsa. Trans-Continental Oil company No. 5 well on Bunner lease, Crom- All Markets Well pool, Oklahoma is in top of sand and flowing 25 barrels an hour. This makes the fifth completion on this lease and the second well with- in the past two days. Several other wells are drilling on -the lease. Walter C. Teagle, president, and several other officers and directors of the Standard of New Jersey, who have been on an inspection trip, re- turned to New York Tues The trip included visits Colorado, Oklahoma, Charleston, 8. C. Louisiana POTATOES CHICAGO, Oct. 29.—Potatoes traa: ing slow, market slightly weaker; re- celpts 120 cars; total United States shipments 1,277; Minnesota and North Dakota sacked Red River Ohios $.90@$1.00; mostly as Dakota sacked early Ohio’ § 3 bulk 65@75c; bulk round whites 70@ $0c; Minnesota bulk round whites *0@70c; sacked 70@S85c; Wisconsin “ed round whites 75@90c; bulk | | SILVER : NEW YORK, Oct, 29.—Bar silve 69%%c; Mexican dollars, 53%c. Printing Presses g Cleveland—The Harris Automat | company, large maker of affset pri 7 zp ‘8 reports September orde | per cent above the month sales of tho last fiscal ye: hey have been running 45 p cent above it this month. — Dairy Products Minneapolis—' operative Crear 6 have shipp: | 200 tons of butter direct to Londo | Yes, the Hudson Coach | with the Baked Enamel body. Coroner On the Republican Ticket He promises, if elected to the office of County Coroner a square deal to all, and an economical administration of his office. Your vote will be appretiated to the fullest’ extent State Bank Examiner —Political Advertisement. DISCUSS STATE ISS IRIS THEATE TONIGH 7:30 .P. M. Political Advertisement.